Qatari Diar Real Estate Investment Company (Qatari Diar) has completed more than 80% of the infrastructure projects for the Lusail City, said. In an interview with Lusail newspaper, al-Buainain said the estimated total cost of developing the City of Lusail is QR40bn to be spent on developing infrastructure, services and other facilities.
He added that the city is designed to accommodate 450,000 people, including 250,000 residents, 190,000 office workers and about 60,000 employees in retail stores, adding that the company is currently focusing on the provision of services such as petrol stations and health centres and completing private schools.
Lusail, he said, will see the opening of a mall next year as part of the city’s plans to build 3 commercial malls. A number of residents has already started moving to the city and the city’s population is expected to increase once the infrastructure and facilities are completed, added the CEO of Qatari Diar.
He pointed out that the majority of government institutions have plots of land in the city and will develop them to move their offices to Lusail in the near future, adding there are some institutions in the process of moving there and a number of ministries are currently ready to construct theirs. Al-Buainain said that the main stadium of the World Cup will be in Lusail and that the company has co-ordinated with the Supreme Committee for Delivery and Legacy to complete the infrastructure.
The Qatari Diar also supports the needs of the World Cup projects such as roads, malls and shops to attract tourists and the World Cup fans.
Regarding Qatari Diar foreign investments, he said the company’s investments around the world have reached $40bn in 22 countries across five continents, and the CityCenterDC in Washington DC is one of the Qatari Diar’s most successful real-estate projects as the company has developed an integrated complex comprising residential apartments and commercial facilities and others.
Qatari Diar, he said, is investing in three projects in the United States: CityCenterDC and Conrad in Washington and another in Long Island City.
These projects offer significant job opportunities in all sectors in the United States, al-Buainain said, adding that the company has also five projects in Britain with a total value of $8.17bn such as luxury hotels, residential units, commercial offices, retail stores with affordable housing.
He pointed out that the company’s investments in Asia and in Africa are estimated at $3.72bn, and $2.11bn respectively, in addition to other investments and shares worth $12.7bn. The CEO of Qatari Diar added that the company’s future plans will focus on the real-estate sector and how to attract investors in construction field to Qatar.
The company is also trying to provide facilities to foreign investors in Lusail City. It is also studying strong investment opportunities abroad in landmark areas in the centre of the cities with growth expectations.
He pointed out that the company was not affected by the unjust siege on the State of Qatar through the enactment of laws that promote foreign investments and meeting the needs of the market for materials through alternative sources.
He adding that the state is working to import materials from its main sources and not through the siege countries, most of which were acting as agents only.
On the company’s investments in the siege countries, al-Buainain said that the company has no investments in the siege countries, but some siege countries have investments in Lusail while Diar treats them like the rest of investors in Lusail.
Concluding his interview with Lusail, the CEO of Qatari Diar denied that the company disposed its assets in some countries around the world, pointing out that sales were done only when the investment reaches its peak, and then the company sells it to invest in a sector or in another country.
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